Tech Stocks Rally as Market Awaits Clues from Warsh's Jackson Hole Speech

The S&P 500 ETF (SPY) and Nasdaq 100 ETF (QQQ) both rose on Thursday as tech stocks rebounded ahead of a key speech from Fed Chair Kevin Warsh at the Jackson Hole Symposium. The S&P 500 finished with a gain of 0.66%, while the Nasdaq 100 jumped 1.37%.

Nvidia (NVDA) led tech gains after reporting second-quarter revenue growth of 106% to $96.2 billion, exceeding consensus estimates. The company also guided for sales growth of 70% in fiscal year 2028, outpacing expectations of 44%. In other economic news, initial jobless claims fell by 4,000 to 203,000, below forecasts.

However, the US goods trade deficit rose 17.2% month-over-month to $118.8 billion in July, marking its highest level since March 2025. President Trump signed an executive order to rename Lake Ontario as Lake America amidst deteriorating US-Canada trade relations.